As a Realtor and/or ‘real estate professional’ or ‘real estate practitioner’ or…well, there are some that cannot be repeated here, but I digress….I have been known to get dragged into some philosophical discussions about real estate or the market or the some other aspect of the overall industry of real estate. Well, it happened again. And this time it was about my job! I … [Read more...]
Real Estate Predictions for 2010 from the Front Line
As we enter the first true ‘new’ market any of us have seen in the past 20 years, we can be sure of one thing….2009 ended on December 31, 2009. Ok, not funny. But seriously folks, here is what we do know: Fact 1 Where are the new houses? No one is adding ‘for sale’ inventory. This is pretty much universal and cuts across all property types and all regions of the … [Read more...]
The Year We Absorbed
January 1, 2009 - 400+ condos for sale in Zone 10 December 20, 2009 - 180 condos for sale in Zone 10 Didn't see that one coming, did you? I am not sure anyone did. What happened? Who bought all these condos? What does this mean for the future? We will talk about each of these one by one. 1. What Happened? Sometime in late April, after the market had literally … [Read more...]
$1B in Downtown Richmond Development
Venture Richmond announced this week that over $1B in new development projects were either completed or got started in 2009 in downtown Richmond. Not too shabby! The announcement highlights the positive impact that VCU and the VCU Medical Center continue to have on downtown Richmond: $110 million worth of new facilities at Virginia Commonwealth University's MCV campus, … [Read more...]
Miller and Rhoads Condos Experiencing an Uptick in Sales
Proper financing has always been the single biggest challenge for the condos at the former Miller & Rhoads building on Broad Street. Since the condos aren't yet 'warrantable', buyers were having a difficult time getting lenders to approve their mortgage applications. ...conventional financing had dried up, notably for condominiums that didn't meet guidelines set by Fannie … [Read more...]
Thomas Jefferson and Solar Panels
Heart - “I love the old windows. Aren’t they beautiful?” Wallet – “What are the heating bills?” Welcome to a discussion that is growing louder and louder with no real resolution in sight. I am, of course, referring to the movement/trend towards “Green” building practices and how they are in direct conflict with many historic renovation practices. I think that we can all … [Read more...]
In The Zone
The only constant in this world is change. Tomorrow will be different from today…today from yesterday….you get the picture. What lags behind, in many cases, is the methods we use to measure, describe and predict. There is a little changing we need to do as Realtors in Richmond. For many years, the zones of Richmond have remained stagnant. Zone 10, which is the primary … [Read more...]
Jobs Losses Decline In Richmond
In an important sign that things have stopped getting worse: The number of Richmond-area residents making a first claim for unemployment insurance after losing their jobs declined to 4,504 in October from 5,057 in September, the Virginia Employment Commission reported yesterday. "For the last 60 to 90 days, claims have definitely lightened up," said William F. Mezger, the … [Read more...]
